Did you know that from 2021 to 2023 there was a 72% increase in data breaches? With an increase in data breaches, your businesses know how they can stay safe from them.
Before we dive into everything, let's first discuss what hackers want when hacking businesses.
In most cases, they’re trying to get sensitive data, including banking information. They also try to lock the business out of their servers and hold them at a set ransom.
In today’s blog we are going to talk about cybersecurity and why your organization needs to invest in protection.
Table of Contents
What is Cybersecurity?
Now, before we start talking about why your business needs to invest in cybersecurity, let's first run through the basics. Cybersecurity standards help to protect your systems and data from cyberattacks. As well as any breaches or other forms of unauthorized access.
Key Components of Cybersecurity
Information Security: This component is pretty easy to understand. It ensures that the consumer's privacy stays protected.
Endpoint Security: Unfortunately, you cannot just have protection over your servers. You need to ensure that each endpoint is secure. Endpoints are things such as laptops, desktops, phones, and anything that connects to the internet.
Regulatory Compliance: The Federal or Local government has rules and regulations about the security of certain organizations. In most cases, they have regulations over organizations that have consumers’ sensitive information. This could be medical organizations, insurance organizations, and organizations that handle security. It is important to know if your organization has any regulations. If your organization does have regulations, it is vital to stay up to date with them as they update constantly.
I'm sorry to be the one to tell you but there are a large number of different cyberthreats.
Most Common Cyber Threats
Malware: You’ve probably heard of this before. Malware is any software that aims to disrupt, damage, or gain access to a computer. Hackers use malware in hopes of gaining unauthorized access to other people’s accounts. This can look like a few different things, but we will go over the most common now.
Phishing: I'm sure we all have gotten that text asking for us to send them our personal information. This is "phishing" for your information in hopes that you send it to them with no questions.
Spoofing: This may be the easiest cyber threat to actually fall for. The hackers pretend to be someone else, in most cases a trusted source. They create an email that is close to the original in hopes that the reader does not notice.
It’s important to understand what cybersecurity is how many threats there are, and that their next target could be you.
Why Businesses Should Invest in Cybersecurity
Now that you know what cybersecurity is, I'm sure you’re wondering, “Why should I invest in protection against cyber attacks?”
Here are the top 3 reasons why your organization should invest in cybersecurity:
Protection against financial loss: When an organization gets hacked there are a lot of financial losses that can occur. This could be due to a loss of customers, or fines from regulations that were not followed at the time of the breach. The organization can also risk getting sued if they were being non-compliant
Keeping a clean reputation: If you leak consumers' personal information, it will damage your business’s reputation. If your organization invests in cybersecurity, it can help consumers stay confident in you protecting their information.
Staying compliant: If your organization has rules and regulations around cybersecurity, you must follow them. If they are being non-compliant with the regulations, it can lead to hefty penalties.
By investing in cybersecurity before an attack occurs, it can help organizations stay ahead of any future threats.
Real-World Examples of Failed Cybersecurity in Business
Unfortunately, some people think a cyberattack will never happen to them. However, cyberattacks can happen to anyone, even large corporations.
Example 1: Yahoo
In August 2013, hackers breached 3 billion Yahoo accounts, making it one of the largest data breaches in history. The attack exposed personal data, passwords, and other sensitive information of Yahoo users worldwide. This breach left billions vulnerable to identity theft, fraud, and other cybercrimes.
To make matters worse, Yahoo never identified the attackers behind the breach. Marissa Mayer, Yahoo’s CEO at the time, later testified before the U.S. Congress about the company’s inability to determine who carried out the attack. This uncertainty eroded trust in Yahoo. It also highlighted the challenges companies face in tracking and responding to sophisticated cyberattacks.
Example 2: Target
In 2013, hackers launched a phishing attack that successfully targeted Target’s systems. They sent a deceptive email to employees, posing as legitimate communication. One employee fell for the trap and clicked on the email, unknowingly granting the hackers access to Target's network. Once inside, the attackers moved through the system and gained access to a massive trove of sensitive data.
This breach exposed the personal information of millions of Target customers. The leaked data included…
Names
Addresses
Phone numbers
Banking and payment card details
The fallout was immediate and severe, as customers faced potential financial fraud and identity theft. Target also suffered reputational damage, legal challenges, and significant financial losses due to the breach.
Example 3: Microsoft
In January 2021, hackers exploited vulnerabilities in a Microsoft platform’s programming. This exploit exposed millions of users’ personal information. The attackers accessed sensitive data, including users’ emails and other private details, creating significant risks for identity theft and fraud.
The breach didn’t just impact individual users—it also dealt a severe blow to the organization’s reputation. Millions of people who relied on the platform felt betrayed by the lack of security. Even years later, many users remain hesitant to trust the platform due to the lingering effects of the attack.
How to Protect Your Business from Cyber Threats
Now that you understand how big of a threat cyberattacks are, it is important that you do not panic. There are many ways you can protect your business from cyberattacks.
Step 1: Training Employees
This is the easiest way to protect your business is to ensure you are constantly training your employees. Hackers are always trying to find new ways to get your sensitive information.
It is important to keep up with training your employees on what to look for to make it harder for the hackers to get your information.
A way to keep your employees aware of cyber threats is to hire a third party organization, to send out phishing simulations. If an employee falls for a phishing simulation you can update that employee's training.
Step 2: Keeping Up with Software Updates
Hackers constantly improve their methods. Thus, organizations must regularly update their software to stay secure.
Updates…
Fix weaknesses
Improve security features
Make it harder for hackers to access sensitive information
Staying consistent with software updates is one of the most effective ways to protect data.
By addressing vulnerabilities, organizations reduce the risk of breaches and ensure their systems remain secure. Regular updates are essential for strong defenses and protecting the organization’s reputation.
Step 3: Invest in Cybersecurity Protection Tools
Investing in cybersecurity tools offers a simple and effective way to protect your organization’s data. These tools block, detect, and stop cyber threats before they cause harm.
Common cybersecurity tools include:
Firewalls: Firewalls create a barrier between your network and outside threats by controlling traffic based on security rules.
Antivirus Programs: Antivirus software finds and removes malicious programs that can harm your systems.
Encryption: Encryption secures your data by turning it into unreadable code, which only authorized users with a key can unlock.
Multi-Factor Authentication (MFA): MFA adds extra steps to the login process, making it harder for hackers to access accounts.
Using multiple tools together provides stronger protection than relying on just one. Cyber threats keep changing, so organizations must combine different tools to build a strong defense. For instance, pairing a firewall with encryption and MFA offers more security than using any one tool by itself.
These tools do more than just protect data. They also build trust with clients, customers, and stakeholders by showing your commitment to security. Investing in cybersecurity protects your organization from breaches. It also ensures your data stays safe, securing your future and your reputation.
Step 4: Impleent an Incident Response Plan
Even with strong cybersecurity measures in place, no organization is completely immune to attacks. This is why having a well-developed incident response plan is essential. An incident response plan provides a structured approach to managing and mitigating the impact of a cyberattack. Thus, further ensuring your team can act quickly and effectively.
Creating this plan before an attack occurs is critical. When a breach happens, emotions can run high, and panic can lead to poor decision-making. A pre-established plan offers clear steps and assigns responsibilities. Thus, helping everyone stay focused in an otherwise chaotic situation. This preparation not only minimizes confusion but also speeds up the response, which is crucial for reducing the damage.
A solid incident response plan should include:
Identification: Quickly detect and confirm the breach or attack.
Containment: Stop the attack from spreading further within your systems.
Eradication: Remove the hacker’s access and eliminate any malicious software or vulnerabilities they exploit.
Recovery: Restore normal operations by repairing systems, restoring data, and ensuring everything is secure.
Review: Analyze the incident to understand what happened, why it happened, and how to prevent it in the future.
With a solid plan in place, your team can respond quickly, reduce downtime, and avoid financial and reputational harm. Regularly review and update the plan to address new threats and changes in your organization’s systems. Train employees on their specific roles in the process to improve their ability to handle attacks effectively.
Conclusion
By investing in cybersecurity it can help protect the organization from financial losses. Keeping a clean reputation and remaining compliant. The sooner you invest in cybersecurity, the faster you’re protected from these dangerous threats.
You must train your employees and update them on all cyber threats that they might face. Purchasing a phishing simulation platform is one way you can test them to make sure they are following the policies you place.
Adopting a plan in case you get attacked, is just a small step in ensuring your customers and your staff stay staff.
